I believe we should wait until it makes that decision. A crucial point for oil. Domestic disputes and international trade war still going on. Lets see how it turns out. Until then we are STUCK!
Oil is extending its very aggressive uptrend on the 1W chart since it nearly tested the 42.00 Support last December. 1W is a healthy uptrend (RSI = 61.910, Highs/Lows = 6.6357) while 1M is on the verge of breaking out (RSI = 54.404, MACD = 1.350) pointing a long term target zone within 72.50 - 75.00. However we are getting close to the 66.65 1W Resistance, which...
Here is the reasons: 1- W1 Timeline bollinger upper band is going to touch 2- W1 Timeline Support Retest 3- D1 Triangle Pattern Confirmation on trend line broke and closing of daily candle.
WTI crude oil is clearly in an uptrend having risen approximately 30 per cent since the beginning of the year due to increased global demand for oil in particular from emerging markets. Additionally successful OPEC production cuts and tighter oil supply due to US sanctions on Venezuela and Iran have tightened supply bolstering oil prices. The 20 day moving average...
View On Crude Oil (24 Mar 2019) Oil has hit one of our take profit level of $60 region. In mid(1 to 3 months) term, it is still bullish but we may see some retracement first as it is hitting decent resistant levels right now. As long as it cannot break $60 to $62 level, we shall see a pullback toward $53 or even lower first. DYODD, all the best and read the...
hey guys, wti is trading inside a rising parallel channel. after the market has reached a 60 level we have a trend weakening signs. the market could not establish a new higher high and was rejected by 60 level. formation of a double top and overbought rsi with divergence is a red flag for us. if the market breaks the local support level, it will also break...
Oil has been trading within a 1D Channel Up (RSI @ 56.792, MACD @ 1.060, Highs/Lows @ 0.0000). It is currently on the inner support zone and may rebound although the technical Higher Low extension is seen lower. As seen on the chart it has been repeating a very specific pattern where a 4H Channel Up is followed by a longer but less aggressive pull back. The price...
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Hey everyone, looks like we have a short trade coming in on WTICOUSD. We have a triggered crab pattern and the TP of the pattern will actually break a larger wedge we have been forming. Move SL to breakeven after the first target, blue box, is hit. Good Luck :)
The price is currently near the peak of an overbought 4H Channel Up (RSI = 76.597, STOCHRSI = 99.117) which is the Higher High extension of the 1D Channel Up (RSI = 69.418, MACD = 1.160, Highs/Lows = 1.8686, B/BP = 3.5340). The Higher High zone is inside 60.00 - 60.70 and as soon as it is priced, the 1D Channel Down should pull back to meet the inner (4H) support...
Longing oil here. 2.5% risk Proper break after buildup leading to double pressure. High odds of continuation, the level was defended hard before the break which indicates strength by the bulls. Stop below the ceiling test and buildup progression. Targeting the origin of the big selloff (D1). Been waiting for this breakout and retest for nearly a month now.
I think OANDA:WTICOUSD will stay range bound for a while. It doesn't seem people are buying at higher levels. This is just my opinion on the matter. What is yours?
The wedge broke so expect price to move towards the two target boxes. After we hit target 1 move stop loss to break even.
Morning everyone! I hope you all are doing well. Following oil this week, we should continue to stay rangebound with the 50-EMA and the 200-EMA offering support/resistance. No news yet has triggered a push in either direction. Alarms have to been set to trigger at 55.20 and 57.10 to signal upward or downward momentum. If the market continues to stay range bound,...
Morning everyone, So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the $58.00/bbl area. As I've stated before, oil does...
Based on technical analysis alone, we should approach the R1 level this week, and see a down trend. Based on the Day candlesticks, we should see a slight retracement back down to the indicated level of 56.19 (-1.75%) if the trend line is broken. Since the RSI is hovering near the 70 marker, this indicator could point to a negative week. However, on the weekly...